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BANCO ESP&iACUTELRITO SANTO, S.A. v. CONCESSIONÁRIA DO RODOANEL OESTE S.A.

8005, 652013/11.

100 A.D.3d 100 (2012)

951 N.Y.S.2d 19

2012 NY Slip Op 6186

BANCO ESPÍRITO SANTO, S.A., et al., Respondents, v. CONCESSIONÁRIA DO RODOANEL OESTE S.A., Appellant.

Appellate Division of the Supreme Court of New York, First Department.

September 18, 2012.

Attorney(s) appearing for the Case

Quinn Emanuel Urquhart & Sullivan, New York City ( Philippe Z. Selendy of counsel), for appellant.

Pillsbury Winthrop Shaw Pittman LLP, New York City ( David M. Lindley and Jay D. Dealy of counsel), for respondents.

TOM, J.P., ANDRIAS, FRIEDMAN and MOSKOWITZ, JJ., concur.

OPINION OF THE COURT

RENWICK, J.

Plaintiffs, multinational financial institutions and "hedge providers," commenced this breach of contract action when defendant decided to pay off $895 million in loans before their maturity, concomitantly triggering its right to prematurely terminate the interest rate swaps it had entered into with plaintiffs. An interest rate swap is a liquid financial derivative instrument in which two parties agree to exchange interest...

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